Presentation by Ilmārs Rimšēvičs, Governor of the Bank of Latvia at International Conference: "Against the Odds: Lessons from the Recovery in the Baltics" organized by the International Monetary Fund and the Bank of Latvia.
Riga, June 5, 2012
Recent Economic Developments in Latvia and Medium-term OutlookLatvijas Banka
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
Recent Economic Developments in Latvia and Medium-term OutlookLatvijas Banka
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
M.hansen estonia enters_euroland_a_two-speed_baltic_economic_development_aheadECR Community
Estonia will enter the Eurozone on January 1, 2011, which may lead to economic divergence within the Baltic states. Estonia is poised to benefit from foreign investment attraction as a result of adopting the euro. However, Latvia and Lithuania may lag behind as the "two sick men of the Baltics" due to overleveraged consumers and companies in Latvia and lack of competitiveness and potential labor outmigration in Lithuania. While the Baltic economies are recovering from the crisis, growth is not expected to return to pre-crisis "Tiger" levels. Fiscal policy response to the crisis also differed between the countries.
Global Challenges and Local Opportunities: Achievements and Prospects in the ...Latvijas Banka
Presentation by Ilmārs Rimšēvičs, Governor of the Bank of Latvia at the Bank of Latvia conference "Global Challenges and Local Opportunities: Achievements and Prospects in the Baltic States".
Riga, 12 October 2011.
This document provides an overview and forecast of the 2012 California housing market from the Chief Economist at Leslie Appleton-Young. It summarizes that the US and California economies faced challenges in 2011 including oil price spikes, sovereign debt crisis, and political changes that contributed to stock market volatility and consumer spending weakness. Unemployment remains high in California and the US. Job growth was flat in August and California job growth is faltering, with the largest job losses in construction and financial activities. The forecast anticipates continued challenges for the 2012 California housing market.
The global economy is recovering, but confidence is extremely uneven across different regions, according to the OECD’s latest Economic Outlook. European governments must take greater action to ensure that the crisis in the euro area does not derail the recovery.
The SKF Group reported strong financial performance in Q4 2010, with operating profit of SEK 2,202 million compared to SEK 1,004 million in 2009. Organic sales growth was 17.2% overall and in all divisions and regions. The acquisition of Lincoln Industrial was completed. The outlook for Q1 2011 was for significantly higher demand and manufacturing levels compared to Q1 2010.
Recent Economic Developments in Latvia and Medium-term OutlookLatvijas Banka
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
Recent Economic Developments in Latvia and Medium-term OutlookLatvijas Banka
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
M.hansen estonia enters_euroland_a_two-speed_baltic_economic_development_aheadECR Community
Estonia will enter the Eurozone on January 1, 2011, which may lead to economic divergence within the Baltic states. Estonia is poised to benefit from foreign investment attraction as a result of adopting the euro. However, Latvia and Lithuania may lag behind as the "two sick men of the Baltics" due to overleveraged consumers and companies in Latvia and lack of competitiveness and potential labor outmigration in Lithuania. While the Baltic economies are recovering from the crisis, growth is not expected to return to pre-crisis "Tiger" levels. Fiscal policy response to the crisis also differed between the countries.
Global Challenges and Local Opportunities: Achievements and Prospects in the ...Latvijas Banka
Presentation by Ilmārs Rimšēvičs, Governor of the Bank of Latvia at the Bank of Latvia conference "Global Challenges and Local Opportunities: Achievements and Prospects in the Baltic States".
Riga, 12 October 2011.
This document provides an overview and forecast of the 2012 California housing market from the Chief Economist at Leslie Appleton-Young. It summarizes that the US and California economies faced challenges in 2011 including oil price spikes, sovereign debt crisis, and political changes that contributed to stock market volatility and consumer spending weakness. Unemployment remains high in California and the US. Job growth was flat in August and California job growth is faltering, with the largest job losses in construction and financial activities. The forecast anticipates continued challenges for the 2012 California housing market.
The global economy is recovering, but confidence is extremely uneven across different regions, according to the OECD’s latest Economic Outlook. European governments must take greater action to ensure that the crisis in the euro area does not derail the recovery.
The SKF Group reported strong financial performance in Q4 2010, with operating profit of SEK 2,202 million compared to SEK 1,004 million in 2009. Organic sales growth was 17.2% overall and in all divisions and regions. The acquisition of Lincoln Industrial was completed. The outlook for Q1 2011 was for significantly higher demand and manufacturing levels compared to Q1 2010.
The SKF Group reported record levels of operating profit and margins for the second quarter and first half of 2010. Organic sales growth was strong across all divisions, particularly in Asia/Pacific. SKF opened new factories and technical centers around the world. Outlook for the third quarter indicates demand will be significantly higher than 2009 and slightly up from Q2 2010.
Mārtiņš Bitāns. Lessons from the Latvian austerity programEesti Pank
The document examines Latvia's fiscal austerity program following the 2008 financial crisis which saw large cuts to government spending and wages that helped reduce high budget deficits and current account imbalances. Through internal devaluation, fiscal austerity restored Latvia's competitiveness and export-led growth, avoiding a deep and prolonged recession despite an initial sharp GDP decline. The success of Latvia's fiscal austerity program demonstrates that expansionary fiscal contraction can work under certain economic conditions.
CAR Chief Economist Leslie Appleton Young provides an economic update to the Murrieta Temecula Group and the Southwest Riverside County Association of Realtors
- SKF reported strong financial results in Q2 and H1 2011, with operating profit, margins, and sales all up significantly year-over-year.
- Organic sales growth was 14.2% in Q2 and 17.6% in H1 across all regions and divisions.
- The outlook for Q3 2011 calls for demand and manufacturing levels to be higher than the previous year and relatively stable sequentially.
Recent Economic Developments in Latvia and Medium-term OutlookLatvijas Banka
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
The document provides a summary of SKF Group's year-end results for 2009. Key points include a strong cash flow but a dramatic 24.3% drop in sales volume year-over-year. Positive price/mix effects and cost reduction efforts helped profits. The outlook for Q1 2010 sales is slightly higher than Q4 2009 and Q1 2009, with higher expected growth in Asia and Latin America.
Recent Economic Developments in Latvia and Medium-term OutlookLatvijas Banka
After strong growth in 2011, Latvia's GDP is expected to slow in 2012 due to weakening external demand. Export performance supported domestic demand recovery in 2011. Inflation increased in 2011 due to global price rises and indirect tax changes. Unemployment continued declining in 2011 and competitiveness improved as wage growth matched productivity and export market shares grew. Current account deficits narrowed significantly from pre-crisis levels. Monetary policy remains tight with high capital reserves and liquidity while non-performing loans peaked in late 2010 and have shown signs of improvement.
The document summarizes the current state of the Indian economy and key industries based on a presentation by the President of CRISIL Research. It finds that (1) domestic and global macroeconomic conditions remain weak, though recent reforms provide hope; (2) industry profit margins have stabilized after declining for several quarters; and (3) capital investments are expected to decline for the second straight year, especially among private sector companies, due to policy inaction on land acquisition, mining, and other issues according to a poll of companies.
This document provides an overview of investment opportunities in South Africa and the Western Cape region. It outlines key statistics about South Africa's economy such as its population, literacy and unemployment rates, and inflation. It also discusses South Africa's competitiveness rankings globally and within Africa. The Western Cape region has consistently outperformed the national economy in GDP growth. The presentation concludes with a question and answer section.
The document discusses the Southeast Asian Economic Outlook (SAEO) 2011/12 report. It provides an overview of the regional economic outlook for ASEAN countries, China, and India from 2011 to 2016. It notes that growth will remain solid but moderate in the near term due to global economic uncertainties. It emphasizes that strengthening domestic demand and structural policies will be important to coping with external risks. The report also examines medium-term development plans across Southeast Asia and focuses on key policy areas like infrastructure, human capital development, and healthcare reform.
This interim report summarizes Ramirent's financial performance from January to September 2012. Some key points:
1) Net sales increased 12.3% year-over-year due to acquisitions, while like-for-like growth was 5.7%. EBITDA was €153.8 million with an EBITDA margin of 29.6%.
2) The third quarter saw net sales growth of 3.7% year-over-year and an EBITDA of €60.3 million. However, profitability declined slightly with an EBITDA margin of 32.5% compared to 32.7% last year.
3) Most segments saw sales growth in the
1-Consistent returns above benchmark (+4% annual outperformance)
2-Very small volatility for an equity fund (-4% annual bellow benchmark)
3-Excellent relative performance throughout the financial crisis (2007-2011)
4- Stable investment philosophy all over 23 years
5-Unique and tested investment process developed by an experienced management team
6-Very high quality (ROE) and liquid concentrated portfolio
7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors
8-Portfolio valuation at historial minimum levels
9-Poor overlapping and low correlation with other fund managers
10-Complementary with other equity styles
Executive aviation embraer day 2011 03_25(final) vimpEmbraer RI
This presentation discusses the state of the global and U.S. economy, as well as trends in the business jet industry. It notes that while the global economy is expected to grow around 3% annually through 2014, uncertainty remains. U.S. corporate profits and stock markets rebounded in recent years but volatility persists. Business jet traffic in the U.S. and Europe has increased since 2009 but remains below pre-recession levels. The supply of used business jets for sale has declined since 2008.
This presentation provides an overview of the executive aviation market from Embraer's perspective. It discusses forward-looking statements and acknowledges uncertainty in projections. Charts show projections for global GDP growth remaining steady around 3% annually through 2014. U.S. corporate profits are up significantly from 2009 levels though remain below pre-crisis averages. Global stock markets saw over a 10% drop highlighted in late 2008. Business jet traffic in the U.S. and Europe has rebounded in 2011 after declines in 2009. The used aircraft market inventory decreased in 2010 after large increases in prior years.
The document provides an economic outlook for April 2013. It notes that the consensus GDP forecast for the euro area remained unchanged, while consumer confidence was stable and the IFO index for Germany edged down slightly. The US GDP forecast improved, and early indicators suggest firm housing starts. The Japanese GDP growth forecast also improved on expectations of aggressive monetary policy. Overall, the outlook suggests ongoing challenges for Europe with modest improvements expected in the US and Japan.
Higher Ed National Fundriasing Index 2011 TrendsJeffTe
This document discusses fundraising trends in higher education based on an index of 111 public and private institutions. Some key findings from 2011 include: overall revenue declined 2.1% while donor numbers also dropped 2.1%; acquisition of new donors declined more sharply at 3.5%; and retention rates remained relatively stable but below pre-recession levels. Benchmarking is presented as a way for institutions to identify strengths/weaknesses and improve fundraising performance.
The document provides an overview of recent economic indicators from Europe, the US, and Japan in February 2013. It summarizes that the consensus GDP forecast for the Eurozone remained at 0.1% for 2013 and 1.2% for 2014. While the EU industrial confidence decreased slightly, consumer confidence improved considerably. The GDP forecast for the US decreased to 1.9% for 2013, and the forecast for Japan improved significantly to 1.2% for 2013 and 2014.
The document discusses recruitment trends in the healthcare industry. It notes that healthcare organizations should diversify their talent base by recruiting from non-healthcare fields to gain different perspectives and address talent shortages. Data is presented showing the higher availability of talent from other industries compared to healthcare/education. The document recommends that healthcare companies perform job analyses to determine feasibility of new roles, adjust recruitment expectations to attract different types of candidates, and adapt training programs to onboard talent from various backgrounds.
Bank deposits rose 1.2% month-on-month and 4.9% year-on-year in February as both businesses and households increased savings despite economic slowdown. Manufacturing output grew slightly by 0.7% month-on-month and 1.8% year-on-year in February, led by wood, metals, and furniture industries. Inflation rose to 0.4% in March due to both global commodity prices and domestic factors. Conditions are expected to be favorable for lending to improve following new housing loan rules and Eurosystem stimulus measures.
The SKF Group reported record levels of operating profit and margins for the second quarter and first half of 2010. Organic sales growth was strong across all divisions, particularly in Asia/Pacific. SKF opened new factories and technical centers around the world. Outlook for the third quarter indicates demand will be significantly higher than 2009 and slightly up from Q2 2010.
Mārtiņš Bitāns. Lessons from the Latvian austerity programEesti Pank
The document examines Latvia's fiscal austerity program following the 2008 financial crisis which saw large cuts to government spending and wages that helped reduce high budget deficits and current account imbalances. Through internal devaluation, fiscal austerity restored Latvia's competitiveness and export-led growth, avoiding a deep and prolonged recession despite an initial sharp GDP decline. The success of Latvia's fiscal austerity program demonstrates that expansionary fiscal contraction can work under certain economic conditions.
CAR Chief Economist Leslie Appleton Young provides an economic update to the Murrieta Temecula Group and the Southwest Riverside County Association of Realtors
- SKF reported strong financial results in Q2 and H1 2011, with operating profit, margins, and sales all up significantly year-over-year.
- Organic sales growth was 14.2% in Q2 and 17.6% in H1 across all regions and divisions.
- The outlook for Q3 2011 calls for demand and manufacturing levels to be higher than the previous year and relatively stable sequentially.
Recent Economic Developments in Latvia and Medium-term OutlookLatvijas Banka
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
The document provides a summary of SKF Group's year-end results for 2009. Key points include a strong cash flow but a dramatic 24.3% drop in sales volume year-over-year. Positive price/mix effects and cost reduction efforts helped profits. The outlook for Q1 2010 sales is slightly higher than Q4 2009 and Q1 2009, with higher expected growth in Asia and Latin America.
Recent Economic Developments in Latvia and Medium-term OutlookLatvijas Banka
After strong growth in 2011, Latvia's GDP is expected to slow in 2012 due to weakening external demand. Export performance supported domestic demand recovery in 2011. Inflation increased in 2011 due to global price rises and indirect tax changes. Unemployment continued declining in 2011 and competitiveness improved as wage growth matched productivity and export market shares grew. Current account deficits narrowed significantly from pre-crisis levels. Monetary policy remains tight with high capital reserves and liquidity while non-performing loans peaked in late 2010 and have shown signs of improvement.
The document summarizes the current state of the Indian economy and key industries based on a presentation by the President of CRISIL Research. It finds that (1) domestic and global macroeconomic conditions remain weak, though recent reforms provide hope; (2) industry profit margins have stabilized after declining for several quarters; and (3) capital investments are expected to decline for the second straight year, especially among private sector companies, due to policy inaction on land acquisition, mining, and other issues according to a poll of companies.
This document provides an overview of investment opportunities in South Africa and the Western Cape region. It outlines key statistics about South Africa's economy such as its population, literacy and unemployment rates, and inflation. It also discusses South Africa's competitiveness rankings globally and within Africa. The Western Cape region has consistently outperformed the national economy in GDP growth. The presentation concludes with a question and answer section.
The document discusses the Southeast Asian Economic Outlook (SAEO) 2011/12 report. It provides an overview of the regional economic outlook for ASEAN countries, China, and India from 2011 to 2016. It notes that growth will remain solid but moderate in the near term due to global economic uncertainties. It emphasizes that strengthening domestic demand and structural policies will be important to coping with external risks. The report also examines medium-term development plans across Southeast Asia and focuses on key policy areas like infrastructure, human capital development, and healthcare reform.
This interim report summarizes Ramirent's financial performance from January to September 2012. Some key points:
1) Net sales increased 12.3% year-over-year due to acquisitions, while like-for-like growth was 5.7%. EBITDA was €153.8 million with an EBITDA margin of 29.6%.
2) The third quarter saw net sales growth of 3.7% year-over-year and an EBITDA of €60.3 million. However, profitability declined slightly with an EBITDA margin of 32.5% compared to 32.7% last year.
3) Most segments saw sales growth in the
1-Consistent returns above benchmark (+4% annual outperformance)
2-Very small volatility for an equity fund (-4% annual bellow benchmark)
3-Excellent relative performance throughout the financial crisis (2007-2011)
4- Stable investment philosophy all over 23 years
5-Unique and tested investment process developed by an experienced management team
6-Very high quality (ROE) and liquid concentrated portfolio
7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors
8-Portfolio valuation at historial minimum levels
9-Poor overlapping and low correlation with other fund managers
10-Complementary with other equity styles
Executive aviation embraer day 2011 03_25(final) vimpEmbraer RI
This presentation discusses the state of the global and U.S. economy, as well as trends in the business jet industry. It notes that while the global economy is expected to grow around 3% annually through 2014, uncertainty remains. U.S. corporate profits and stock markets rebounded in recent years but volatility persists. Business jet traffic in the U.S. and Europe has increased since 2009 but remains below pre-recession levels. The supply of used business jets for sale has declined since 2008.
This presentation provides an overview of the executive aviation market from Embraer's perspective. It discusses forward-looking statements and acknowledges uncertainty in projections. Charts show projections for global GDP growth remaining steady around 3% annually through 2014. U.S. corporate profits are up significantly from 2009 levels though remain below pre-crisis averages. Global stock markets saw over a 10% drop highlighted in late 2008. Business jet traffic in the U.S. and Europe has rebounded in 2011 after declines in 2009. The used aircraft market inventory decreased in 2010 after large increases in prior years.
The document provides an economic outlook for April 2013. It notes that the consensus GDP forecast for the euro area remained unchanged, while consumer confidence was stable and the IFO index for Germany edged down slightly. The US GDP forecast improved, and early indicators suggest firm housing starts. The Japanese GDP growth forecast also improved on expectations of aggressive monetary policy. Overall, the outlook suggests ongoing challenges for Europe with modest improvements expected in the US and Japan.
Higher Ed National Fundriasing Index 2011 TrendsJeffTe
This document discusses fundraising trends in higher education based on an index of 111 public and private institutions. Some key findings from 2011 include: overall revenue declined 2.1% while donor numbers also dropped 2.1%; acquisition of new donors declined more sharply at 3.5%; and retention rates remained relatively stable but below pre-recession levels. Benchmarking is presented as a way for institutions to identify strengths/weaknesses and improve fundraising performance.
The document provides an overview of recent economic indicators from Europe, the US, and Japan in February 2013. It summarizes that the consensus GDP forecast for the Eurozone remained at 0.1% for 2013 and 1.2% for 2014. While the EU industrial confidence decreased slightly, consumer confidence improved considerably. The GDP forecast for the US decreased to 1.9% for 2013, and the forecast for Japan improved significantly to 1.2% for 2013 and 2014.
The document discusses recruitment trends in the healthcare industry. It notes that healthcare organizations should diversify their talent base by recruiting from non-healthcare fields to gain different perspectives and address talent shortages. Data is presented showing the higher availability of talent from other industries compared to healthcare/education. The document recommends that healthcare companies perform job analyses to determine feasibility of new roles, adjust recruitment expectations to attract different types of candidates, and adapt training programs to onboard talent from various backgrounds.
Bank deposits rose 1.2% month-on-month and 4.9% year-on-year in February as both businesses and households increased savings despite economic slowdown. Manufacturing output grew slightly by 0.7% month-on-month and 1.8% year-on-year in February, led by wood, metals, and furniture industries. Inflation rose to 0.4% in March due to both global commodity prices and domestic factors. Conditions are expected to be favorable for lending to improve following new housing loan rules and Eurosystem stimulus measures.
Latvia Looking Ahead - the Remaining Challenges Latvijas Banka
Presentation by Mark Griffiths, Mission Chief for Latvia, IMF at International Conference: "Against the Odds: Lessons from the Recovery in the Baltics" organized by the International Monetary Fund and the Bank of Latvia.
Riga, June 5, 2012
The document discusses inflation and economic growth in Latvia. It notes that inflation in June 2013 was slightly positive (+0.2%) due mostly to base effects of unprocessed food prices, while other factors contributed to a year-on-year drop. It also mentions that grain harvests are expected to be better than last year and could benefit from lower global food prices. Meanwhile, domestic factors do not point to substantial inflation pressures, and unusually low inflation is expected for 2013 due to positive economic growth and other offsetting factors.
EU Balance of Payments for Latvia: Foundations of SuccessLatvijas Banka
Presentation by Minister of Finance of the Republic of Latvia Andris Vilks at Country workshop: "EU Balance-of-Payments assistance for Latvia: Foundations of Success" organized by the European Commission, Directorate General for Economic and Financial Affairs, and the Bank of Latvia.
Brussels, March 1, 2012
1) The document presents the quarterly results for 2010 of a bank. It highlights solid results given the current economic climate with lower provisions for credit losses and no new non-performing loans.
2) The bank saw a decline in income compared to previous periods but operating expenses also declined, leading to a higher operating profit. Net interest income decreased primarily from lower lending income.
3) The bank has initiated a Nordic growth plan to expand its corporate banking business across the Nordic region and strengthen its position through regional hubs in each country.
The presentation provided an overview of the executive aviation market and discussed forward-looking projections. It summarized key economic indicators like world GDP growth rates, U.S. corporate profits, and stock market returns. Charts showed growth in business jet traffic in the United States and Europe in 2010. Data on the used aircraft market indicated a net decrease in aircraft available for sale so far in 2010 compared to inventory increases in prior years.
The document discusses Latvia's experience during the 2008 financial crisis and recovery. It explains that Latvia chose an internal devaluation through austerity and structural reforms rather than devaluing its currency. This led to a rapid but difficult adjustment period and a "V-shaped" economic recovery. Key factors in Latvia's success included speed of implementation, ownership of reforms, commitment to change, and national solidarity. The internal adjustment approach stabilized public finances, restored competitiveness and exports, attracted foreign investment, and put Latvia in a strong position to adopt the Euro in 2014.
This document contains financial ratios calculated for Bajaj Auto Ltd. for the years 2008-2012:
1. Earnings per share initially fell from 2008 to 2009 but then increased until 2012, though the 2012 ratio was still lower than 2010-2011.
2. Gross profit ratio fluctuated over the years, peaking in 2011 before declining in 2012.
3. Net profit ratio generally increased until 2011 before dropping in 2012, suggesting corrective measures may be needed.
4. Current and quick ratios improved after initially dropping in 2010, indicating ability to meet short-term needs.
5. Operating profit ratio increased until 2011 then stabilized in 2012, while return on equity increased sharply until pe
SEB Resultatpresentation January September 2008SEBgroup
This document provides an overview of Annika Falkengren's presentation of SEB Group's Q3 2008 results. Key points include:
- Markets were extremely challenging in 2008, negatively impacting SEB's profits, though the underlying customer business remained stable.
- SEB maintained a strong capital position and liquidity despite financial crisis impacts. Impaired loans increased in the Baltic countries.
- Cost cuts and efficiency measures helped offset negative effects from the crisis. Asset quality remained solid overall.
- While profits declined from turmoil, Falkengren emphasized SEB's resilient franchise, strong capital, and focus on customers through the downturn.
Commercial Real Estate and Economic OutlookNar Res
The document summarizes trends in the US commercial real estate market. It shows that while sales of large, expensive properties are slowly recovering, apartment investment has seen a fast comeback. Office and retail property investment are also increasing gradually. Commercial property prices have been rising overall with apartments gaining the strongest. Vacancy rates are falling across major property types and rents are rising, with apartment rents increasing the most. The economy is expected to continue modest growth, supporting further recovery in the commercial real estate market.
Why Latvia succeeded and Southern Europe failedLatvijas Banka
Presentation by Dr. Anders Åslund, Senior Fellow, Peterson Institute for International Economics (USA) at Bank of Latvia conference ""Economic Adjustment under Sovereign Debt Crisis: Can Experience of the Baltics Be Applied to Others?
Riga, November 2, 2012.
This document provides the highlights and financial results from the company's 2012 fiscal year and Q4. Net sales increased 9.9% in FY2012 to a record high of MEUR 714.1. Profitability also improved with EBITDA margin reaching 29.4% and EBIT margin at 12.9%. Cash flow after investments was MEUR 54.2, an improvement from -MEUR 52.0 the previous year. The company met its long-term financial targets for ROE, leverage, and dividend payout ratio. The board proposes a dividend of EUR 0.34 per share for 2012. The document also provides an outlook for construction output growth forecasts in various European countries in 2013 and 2014
SEB second quarter 2011 results presentationSEBgroup
- The document is a presentation of Swedbank's Q2 2011 results.
- Key highlights include an operating profit of SEK 4.3 billion and continued growth in credit volume of SEK 91 billion.
- Net interest income grew year-over-year however fees and commissions declined slightly.
- Credit losses remained low across the Baltics and elsewhere in Europe.
Metso Interim Review January-June 2012 presentationMetso Group
The document provides an interim review of Metso Corporation for the first half of 2012. Some key highlights include order intake being in line with expectations without any exceptionally large orders. Strategic priorities were developed well and net sales increased 21% year-over-year. EBITA before non-recurring items was EUR 177 million, higher than the EUR 140 million in the same period of 2011. The outlook and guidance section will provide further details on expectations for the full year.
Government revises its 2009 real GDP growth forecast. The Prime
Minister (PM) announced yesterday that the official real GDP growth
forecast for this year is now between -4% and -5% from +1% to -1%
announced by Bank Negara Malaysia (BNM) in Mar 09. This is due to
the impact of the global recession on external demand which also
weakened domestic demand, especially private investment (1Q09: -
26% YoY), including FDI (1Q09: -50% YoY). However, apart from
mentioning a 25% drop in exports, no detailed breakdown of the
revised forecast was provided.
The document provides economic highlights and figures for Israel for Q3 2011. It includes key indicators such as GDP growth, exports, unemployment, inflation rates, and Israel's main trading partners. GDP grew by 4.7% in Q3 2011, exports reached $23.1 billion, and unemployment fell to 5.5%. Israel's top trading partners are the US, China, UK, Germany, and Switzerland.
Chris Caton, Chief Economist at BT Financial Group, presented his economic preview for AIM NSW & ACT this week. "Share markets are still slightly cheap" is just one of the key findings. Read more in the attached slide show.
Israel has transitioned to a highly developed, technology-focused economy. It has rapidly developed technology and hi-tech industries, relying on a skilled workforce and entrepreneurial culture. Exports, especially of high-tech goods and services, have driven strong economic growth. Israel spends more on research and development as a percentage of GDP than any other OECD nation. Despite its small size, Israel consistently ranks highly on global competitiveness and innovation indices.
Taiwan's economic situation and outlook , june 2012tuagu79
The document summarizes Taiwan's economic situation and outlook in June 2012. It finds that Taiwan's real GDP grew at an annualized rate of just 0.39% in Q1 2012 due to contracting exports and weak domestic demand. While the global economy is expected to modestly grow in 2012, Taiwan's export and GDP growth will likely be muted at around 3% due to uncertainties from Europe and China. Taiwan ran a trade surplus in April 2012 as exports declined 6.4% and imports rose 2.1% year-on-year. China remains Taiwan's largest export market while Japan is still its biggest import source.
Recent Economic Developments in Latvia and Medium-term OutlookLatvijas Banka
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
This document summarizes Tele2 Russia's Capital Markets Day presentation on December 12, 2012. It shows that Russia contributes significantly to Tele2's net sales, EBITDA, and capital expenditures. The presentation discusses Tele2 Russia's plans to continue growing its customer base through 2G, evaluate new licenses and acquisitions, and progress on technology neutrality. Charts are provided showing Tele2 Russia has increased its market share and maintained ARPU expansion while improving margins and reducing CAPEX. Historical data is benchmarked against the market.
The document discusses the pressures facing the global economy and their implications for South Africa. It provides data showing slowing growth and rising debt in developed economies like Europe and the US. It also notes signs of slowing growth in emerging markets like China. This weak external environment poses challenges for South Africa's economy. However, some domestic factors such as strong growth in household deposits and rebounds in employment and the stock market could help support South Africa.
Similar to Lessons from Latvia’s internal adjustment strategy (20)
Human capital as the key to economic developmentLatvijas Banka
This document discusses human capital as the key driver of economic development in Latvia. It finds that while Latvia's population and workforce are projected to decrease in the coming decades, there are still substantial internal labor reserves that could be activated, such as among the young and upper-middle aged men. Improving health outcomes and reducing excess mortality is identified as the most promising way to stop depopulation trends. Additionally, public spending on education and healthcare in Latvia has been modest and outcomes could be improved by increasing efficiency. Attracting high-skilled immigration through improved quality of life is also discussed but perceived livability in Riga does not yet lead to mass immigration.
Latvijas tautsaimniecības makroekonomiskā attīstība | Septembris 2023Latvijas Banka
Latvijas Bankas prezidenta Mārtiņa Kazāka un Monetārās politikas pārvaldes vadītāja Ulda Rutkastes prezentācija 2023. gada 29. septembrī par jaunākajām ekonomikas prognozēm.
Latvijas Bankas Finanšu pratības daļas vadītājas Aijas Brikšes prezentācija Rīgas Izglītības un informatīvi metodiskā centra seminārā skolotājiem "Drošs internets un droša digitālā finanšu pratība" 2023. gada 29. augustā.
Latvijas Bankas Makroekonomikas analīzes daļas galvenās ekonomistes Baibas Brusbārdes prezentācija seminārā "Aktualitātes ekonomikā" 2023. gada 24. augustā.
Latvijas Bankas Monetārās politikas analīzes daļas galvenās ekonomistes Anetes Kravinskas prezentācija seminārā "Aktualitātes ekonomikā" 2023. gada 24. augustā.
Latvijas Bankas Makroekonomikas analīzes daļas galvenā ekonomistes Dainas Paulas prezentācija seminārā "Aktualitātes ekonomikā" 2023. gada 24. augustā.
Latvijas Banka has revised Latvia's macroeconomic forecasts for 2023-2025. Inflation is projected to decline to 10% in 2023 and further to 2.7% in 2024 and 2.6% in 2025. GDP growth is forecast to be 0.5% in 2023, then increase to 3.7% in 2024 and 3.3% in 2025. Unemployment is projected to remain stable around 7.3-7.4% through 2025. The general government deficit is expected to decline from 4% of GDP in 2023 to around 2.7-1.5% of GDP in 2024-2025.
Latvijas tautsaimniecības makroekonomiskā attīstība | Marts 2023Latvijas Banka
Latvijas Bankas prezidenta Mārtiņa Kazāka un Monetārās politikas pārvaldes vadītāja Ulda Rutkastes prezentācija 2023. gada 31. martā par jaunākajām ekonomikas prognozēm.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
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The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
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4. Latvia has lived through a boom-bust cycle:
severe recession followed years of unsustainable
double digit growth
Real GDP growth (%)
15.0
11.2
10.1 9.6
10.0 8.9
7.2 7.6
5.5
5.0
0.0
-0.3
-5.0 -3.3
-10.0
-15.0
-20.0 -17.7
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Source: CSB
5. Over the past boom Latvia was running
an enormous underlying fiscal gap
General Government budget balance (ESA’95), % of GDP
0
-2 -0.8
-4 -2.2 -2.7
-3.3
-6
-5.5 -5.6
-8 -6.4
-10
-7.5
-8.5
-12
-14
-16 -14.1
-18
-20 -18.6
2005 2006 2007 2008 2009 2010 2011 2012F
Consolidation effort Actual (targeted) balance
Fiscal gap Structural budget balance
Source: Eurostat, F – Bank of Latvia staff estimation
6. To be or not to be, was the question
in 2008
Many suggested devaluation as a
way out of the crisis.
Why devaluation was not an
appropriate solution?
7. One size does not fit all!
Small vs large economy
Open vs closed economy
Resource rich vs resource importing
economy
Euroized vs domestic currency
dominated economy
etc
8. Latvia lost market access already at the outset of the
recent crisis and the fiscal gap had to be closed quickly
by a massive consolidation
Breakdown of budget consolidation measures, % of GDP
Source: Ministry of Finance; Bank of Latvia staff calculations
9. How Latvia managed to accomplish what
initially was said to be impossible?
Speed
10. A speedy consolidation can be compared to a timely
pruning of an apple-tree – harvests are earlier and richer
11. How Latvia managed to accomplish what
initially was said to be impossible?
Ownership
12. How Latvia managed to accomplish what
initially was said to be impossible?
Commitment
13. How Latvia managed to accomplish what
initially was said to be impossible?
Solidarity
14. Latvia has regained competitiveness:
wage-productivity gap has been closed
Real hourly wage and labour productivity per hour (seasonally adjusted), 2005 Q1 = 100
150
140
130
120
110
100
90
Q3
Q3
Q3
Q3
Q3
Q3
Q3
Q3
2004 Q1
2005 Q1
2006 Q1
2007 Q1
2008 Q1
2009 Q1
2010 Q1
2012 Q1
2011 Q1
Labour productivity Real wage
Source: CSB; Bank of Latvia staff calculations
15. Despite loud ex-ante warnings of protracted
recession risks under internal adjustment scenario,
a strong “V” shaped recovery followed
Real GDP growth, %
15
10
5
5.5
0
-5
-10
-15
-20
2006 2007 2008 2009 2010 2011
Source: CSB
16. 0.0
2.0
4.0
6.0
8.0
-8.0
-6.0
-4.0
-2.0
Source: Eurostat
Estonia
Lithuania
Latvia
Poland
Sweden
Slovakia
Austria
Germany
Finland
Romania
Malta
Belgium
Bulgaria
Czech Republic
France
Hungary
Netherlands
Luxembourg
GDP growth in 2011, % y-o-y
Denmark
United Kingdom
Ireland
Spain
Cyprus
Italy
Slovenia
Portugal
Greece
getting through the internal adjustment at an early stage
Latvia, other Baltic countries have clearly benefited from
17. Despite problems in many European countries,
GDP growth even accelerated in Latvia (the fastest
growing economy in Europe at the beginning of 2012)
GDP growth in Latvia, % y-o-y
8.0
7.0
+6.8%
6.0
5.0
4.0
3.0
2.0
1.0
0.0
2011 I II III IV 2012 I
Source: CSB
18. Exports already well above the pre-crisis peak level;
Latvia ranges among the export leaders in Europe
Merchandise export revenue growth (2011 over 2009, %)
90 85
80
72 71 71
70
60 55 53
50 44 44 43 43 42
40 38 35
34 34 33 33 32
31 30 29 29
30 26 23
21
20
10
10 2
0
Belgium
Sweden
Ireland
Poland
Spain
Greece
Cyprus
Portugal
Slovenia
Estonia
Malta
Bulgaria
Latvia
Italy
United Kingdom
Finland
France
Lithuania
Hungary
Austria
Slovakia
Czech Republic
Denmark
Netherlands
Romania
Germany
Luxembourg
Source: Eurostat
19. Latvia has managed to stabilize debt at a moderate level
and to avoid a debt explosion, expected initially
General government gross debt, % of GDP
50
44.7 43.4
45 42.6
40
36.7
35
30
25
19.8
20
15
10
5
0
2008 2009 2010 2011 2012F
Source: Eurostat; Bank of Latvia staff estimation
21. This crisis has shown that
MORE is LESS and LESS is MORE
www.nowpublic.com
22. "One doesn't die from debt, one dies from not being
able to borrow"
General government gross debt, % of GDP
200
Rogoff & Reinhart
2005 debt thresholds
150
for advanced and
emerging economies
100
50
0
Czech Rep.
US
UK
EU27
Greece*
Belgium
Hungary
Bulgaria
Portugal
Estonia
Malta
Italy
France
Austria
Spain
Finland
Latvia
Ireland
Netherlands
Sweden
Slovenia
Slovakia
Lithuania
Cyprus
Poland
Germany
Romania
Luxembourg
Denmark
Source: AMECO
23. "One doesn't die from debt, one dies from not being
able to borrow"
General government gross debt, % of GDP
200
Rogoff & Reinhart
2010 debt thresholds
150
for advanced and
emerging economies
100
50
0
Czech Rep.
US
UK
EU27
Greece*
Belgium
Hungary
Bulgaria
Portugal
Estonia
Malta
Italy
France
Austria
Spain
Finland
Latvia
Ireland
Netherlands
Sweden
Slovenia
Slovakia
Lithuania
Cyprus
Poland
Germany
Romania
Luxembourg
Denmark
Source: AMECO
24. "One doesn't die from debt, one dies from not being
able to borrow"
General government gross debt, % of GDP
200
Rogoff & Reinhart
2013 debt thresholds
150
for advanced and
emerging economies
100
50
0
Czech Rep.
US
UK
EU27
Greece*
Belgium
Hungary
Bulgaria
Portugal
Estonia
Malta
Italy
France
Austria
Spain
Finland
Latvia
Ireland
Netherlands
Sweden
Slovenia
Slovakia
Lithuania
Cyprus
Poland
Germany
Romania
Luxembourg
Denmark
Source: AMECO
25. Most Euro area countries suffering from high
debt are still running large budget deficits
Euro area fiscal indicators, % of GDP
General government gross debt General government budget deficit
2000 2005 2010 2013 2000 2005 2010 2013
Greece* 104.4 101.2 144.9 198.5 -3.8 -5.6 -10.8 -6.8
Ireland 37.5 27.2 94.9 121.1 4.7 1.7 -31.3 -7.8
Italy 108.5 105.4 118.4 118.7 -0.9 -4.5 -4.5 -1.1
Portugal 48.5 62.8 93.3 112.1 -2.9 -5.9 -9.8 -3.2
Belgium 107.8 92.0 96.2 100.3 -0.1 -2.8 -4.2 -4.6
France 57.4 66.7 82.3 91.7 -1.5 -3.0 -7.1 -5.1
EU27 61.9 62.9 80.3 84.9 0.5 -2.5 -6.6 -3.2
Germany 60.2 68.6 83.2 79.9 1.1 -3.3 -4.3 -0.7
Spain 59.3 43.0 61.0 78.0 -1.0 1.3 -9.3 -5.3
Austria 66.2 64.2 71.8 73.7 -1.8 -1.8 -4.4 -2.9
Malta 55.0 69.7 69.0 71.5 -5.8 -2.9 -3.6 -3.6
Cyprus 59.6 69.4 61.5 70.9 -2.3 -2.4 -5.3 -4.7
Netherlands 53.8 51.8 62.9 66.0 2.0 -0.3 -5.0 -2.7
Slovenia 26.3 26.7 38.8 54.6 -3.7 -1.5 -5.8 -5.7
Finland 43.8 41.7 48.3 53.5 6.8 2.5 -2.8 -0.8
Slovakia 50.3 34.2 41.0 51.1 -12.3 -2.8 -7.7 -5.2
Luxembourg 6.2 6.1 19.1 20.3 6.0 0.0 -1.1 -0.9
Estonia 5.1 4.6 6.7 6.1 -0.2 1.6 0.3 -0.8
Source: AMECO
26. Latvia’s example shows that Speed, Ownership,
Commitment and Solidarity works
Real GDP growth, % y-o-y
10
Talks about
consolidation
5
and inability to
deliver
0
II
III
IV
II
III
IV
II
III
IV
2011 I
II
III
IV
2008 I
2009 I
2010 I
2012 I
-5
-10
First large consolidation
-15
implemented by Dombrovskis
government
-20
Source: CSB
27. Latvia is well positioned to comply with the Maastricht
criteria and qualify for EURO introduction in 2014
Maastricht criteria estimate forecast and 12 month average inflation, %
4.5 forecast EURO 2014:
4.0 measurement of
compliance
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
V
X
V
X
V
X
II
II
VII
VIII
XII
VII
VIII
XII
VII
VIII
XII
IX
IV 2011
IX
IV
IV
IX
III
III
VI
XI
VI
XI
VI
XI
I 2012
I 2013
12 month average inflation in Latvia Mastricht criteria**
Source: Eurostat, EC and Bank of Latvia staff estimations; ** - negative inflations excluded
28. By introducing EURO in 2014 Latvia would bring
positive experience for other European countries
General Government budget balance (ESA95), % of GDP
0.0
-1.0 -0.4
-0.8
-2.0 -1.4
-1.9
-3.0
-4.0 -3.5
-5.0
-6.0
-4.2
EURO
-7.0
-8.0
-9.0 -8.2
-10.0 Budget strategy Measure-
-9.8 ment
-11.0
-12.0
2007 2008 2009 2010 2011 2012F 2013T 2014T
Source: Eurostat, F – Bank of Latvia staff estimation, T – targeted budget balance